Azerbaijan, Baku, 28 January / Trend corr U. Ismayilova / The Azerbaijani bank NIKOIL (with Russian capital) increased its maximum sum for mortgage loans from $200,000 to $400,000, the bank reported on 28 January.
According to the terms of the bank's mortgage program, loans are allocated to citizens of Azerbaijan for up to 20 years under a 16-18% interest rate depending on the initial deposit.
One can receive 80% of the purchase price of an apartment from NIKOIL Bank in the form of a mortgage.
An obligatory term of the loan is for the purchase of apartments or individual houses.